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Friday Footnotes: The PCAOB-to-Practice Pipeline and Audit Quality; Ball Extension; Tim Ryan’s Replacement | 1.12.24

Going Concern

Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. These issues were apparently not glaring enough for the company’s auditor, however.” Tingo paid $1.6 in 2021/22.

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PCAOB OKs Tougher Rules on Auditor Negligence

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) on June 12 updated a nearly 20-year-old rule on auditor conduct, making it easier for the audit regulator to hold associated persons of an accounting firm accountable when their negligence “directly and substantially” causes the firm to violate auditing standards.

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Companies Undertake More Aggressive Tax Positions When IRS Budget is Cut

CPA Practice

And because companies are more likely to make dicey tax decisions when IRS budgets are down, Stanley said it’s particularly important for auditors to allocate their available resources in ways that will identify tax fraud.

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Friday Footnotes: The Bravest of Accounting Firms; Oh STFU, CFOs; | 8.09.24

Going Concern

Exclusive: China asks large state financial institutions to drop auditor PwC, say sources [ Reuters ] Chinese regulators have in recent months asked several large state-owned clients of PricewaterhouseCoopers (PwC) to drop the auditor as it braces for penalties over its work for troubled property developer Evergrande, said two sources.

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New GASB Members Named

CPA Practice

She is the former Colorado state auditor, having served in that role for 10 years. During her tenure she was recognized for her innovative leadership style and was named one of three “Women to Watch” in the Experienced Leadership category by the Colorado Society of Certified CPAs. Prior to becoming a state auditor, Ms.

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Extending Outsourcing Contracts Can Alleviate Shortage of CPAs

CPA Practice

Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023. Annual Replacement Employment for accountants and auditors in the US was 114,730 between 2020-2021, projected to rise to 129,627 by 2025-2026.

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Tuesday Morning Accounting News Brief: EY and PwC Get a New Scandal; Stop Trying to Make Sexy Accountants Happen | 1.16.24

Going Concern

Accountants from EY and PwC are braced for questioning by the public inquiry into the Post Office scandal, which is expected to turn its attention to the embattled institution’s external auditors later this year. The ABS forecast that Australia would require 338,362 accountants by 2026 – almost 10,000 extra a year.

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